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Shattered Dreams e-mail bag

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    Bob Massi answers your questions

  • Duration 3:25
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I each and every week we -- in the shows you know we highlight the latest and America's foreclosure crisis which never seems to and this week Bob -- Dipping into his mailbag and sharing emails from.

You the -- -- -- right now the guy just referred to as Bob Massey he's Bob mass regret hey Bob let's go to Fort Wayne let's go excuse me to.

-- at West Virginia where -- there he writes this I went through a divorce in the court ordered me to sign my house to my ex wife I gave her as ordered a.

Claim deed she passed in 2008.

The lender foreclosed.

I try to get a new loan and the -- that I can't get a federally backed loan for three years why was my credit affected.

Because whatever -- whenever you get divorced one of the most misconceptions people have Bryant.

Is that just because the judge orders you to transfer the property.

The lender was not a party to that the borders so even though you transfer title to your ex wife to be your ex husband to be.

That does not take your name off of the mortgage.

So after she passed or even if she would never -- dean -- on the mortgage.

And there's a foreclosure that spouse left behind that in fact quit claim their interest over they never read they were never released from -- that.

There credits affected the letter could go after them if they so choose -- is in Michigan says Bobby mentioned a few weeks ago.

There are ways to protect your home that suit at a remember all the points can you cover them briefly again -- Very very much so one of the most common ways to protect your home and most states.

-- we talked about homestead homestead act.

Basically that's just the form that you get you can get an office supply store and you could follow it with the -- the -- recorders office of what it does pride.

If you have at.

Equity in your home in most states it will give you protection of that equity against creditors.

Up to a certain amount and that changes from state to state.

It could be low is 50000 dollars or as high as 600000 dollars depending upon what state you live -- so you should definitely check with a lawyer in your area.

To see what the concept protection gives you if you -- your house side here's another email Bob say he says he -- you was your first name which is nice.

We're very close to a short sale approval.

That we were served with a foreclosure we did learn the loan was sold to a new bank how will that affect the short sale and the foreclosure that from -- Right if there's one thing I want to bring home to our viewers today and we you know I've talked about short sells for the last year.

Even if you're -- a short -- trying to sell your home that does not mean that the lender doesn't have the right.

To still foreclose on your property and I get emails from people all the time saying I was in the middle to short sell.

The lender took my home back it's very important I understand if they sell the loan to another servicer which is what happened here.

That's servicer could start the process all over again they could say they want new information they want new financial information they want new documents.

But most importantly understand viewers if you're in a short -- don't think just because you're trying to sell -- home.

That that lenders still cannot foreclose they still have the right to take that house for nonpayment very important get the right -- the right people involved in -- -- -- All right and you can email your questions to be on our show friends at foxnews.com.

Bob looks at them and tries to help -- out thank Bob.

Right here -- mass -- biggest.

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